| Article :
5 |
| |
Parties to the
insurance contract include:
1. Insurers
2. Insured persons
- The insurers refer to insurance companies,
agents and brokers.
- The insured refers to a person who enter
into an insurance contract
with an insurer. |
|
| Article :
6 |
| |
The insured
has the following obligations:
1. Paying the insurance premium in full
amount to the insurance company
as agreed;
2. Upon an occurrence of any claim, the
insured shall immediately give notice to
the insurance company;
3. Cooperating to provide the information
and documents relating to the claim at the
insurance company's requirements. |
|
| Article :
7 |
| |
The insurance
company has obligations:
1- to indemnify for any loss or damage upon
the claim occurrence, which is accidentally
caused by coincidence, natural disasters,
and any reasons which are not willful act
of the insured;
2- to timely pay the claim according to
the degree of damage and the sum insured. |
|
| Article :
8 |
| |
To enter into
an insurance contract, the insured shall submit
to the insurance company a proposal for insurance
or directly come to make declaration at the
insurance company or through the insurance
agent. Based on this proposal and declaration,
the insurance company shall issue an insurance
policy which requires the insurance company
to bear a liability to indemnify for any loss
or damage which may eventually occur.
The insurance policy is a document reflecting
the form of a specific insurance contract
and creating the evidence of the contract.
Such document shall be signed by the insurance
company or agent. When entering into the insurance
contract, the insured may make a discussion
with the insurance company to opt to enter
into a short-term or long-term contract as
agreed. |
|
| Article :
9 |
| |
In case of necessity
and urgency that the contract cannot be made
and the insurance policy cannot be issued,
the insurance may be made by temporarily using
a "cover not".
The cover not is a document issued by the
insurance company or agent. This document
substitutes for the insurance policy or
is an additional contract pending the issuance
of the final insurance policy. When issuing
the cover not, both parties shall sign therein,
and the insured shall pay the same insurance
premium as agreed in the insurance policy. |
|
| Article :
10 |
| |
The insurance
policy is a proof of the insurance contract
made in writing and filled out with the
insured's purposes subject to mutual agreement
between both parties of the contract.
Conditions of the insurance contract shall
be divided into two main sections: general
conditions and specific conditions.
1- General conditions are documents determining
two key principles regarding:
(a) types of risks to be secured
(b) types of risks not to be insured
2- Specific conditions referred to as
"Insurance Certificate" are documents
containing the insured's particular purposes
as declared in his/her insurance proposal
and requiring the signature of the insurance
company. |
|
| Article :
11 |
| |
Payment of
the insurance premium is the first obligation
of the insured. The insurance premium shall
be paid according to the insurance period
and the sum insured based on the insurance
premium table of each company.
For the payment of the insurance premium,
the insured may negotiate with the insurance
company to decide whether to pay totally
or in installment. |
|
| Article :
12 |
| |
A 10-day notice
shall be given to the insurance company in
the advance if the insured wishes to cancel
the insurance before the expiry date. Based
on reasonable
grounds, The insurance company will refund
the insured ninety (90) percent of the remaining
premium.
In case of requesting to terminate the
insurance after the risk occurred and the
company has already paid the claim, the
insurance company shall not refund the insurance
premium for the remaining period. |
|
| Article :
13 |
| |
In case of moratorium
for major repair, a notice shall be given
by the insured to the insurance company within
at least ten (10) days in advance. The insurance
company shall refund the ninety (90) percent
of the insurance premium for a period of such
postponement following the resumption. |
|
| Article :
14 |
| |
In case that
the insured is bankrupt before the due date
specified in the insurance contract, a notice
of such event shall be delivered to the
insurance company within ten (10) days at
the latest prior to the declaration of such
bankruptcy by a registered letter or a letter
with a duly acceptance. The insurance company
shall refund ninety (90) percent of the
remaining premium. |
|
| Article :
15 |
| |
Only the endorsement
for the insurance renewal that the insurance
premium shall be paid suitable to such additional
insurance term. For other endorsement, the
insured shall pay the insurance company only
the defined policy cost. |
|
| Article :
16 |
| |
: In case
that the insured or persons who suffer the
loss and damage of property, or sustain
physical injury, disability or death, shall
have certain necessary and relevant documents
certified as true by a competent authority
so that the insurance company uses it as
a foundation of claim settlement based on
the real facts. |
|
| Article :
17 |
| |
Procedure
of claim settlement shall be firstly based
on a compromise basis between the insurance
company and the insured or suffered third
party. If such
negotiation fails, the case shall be forwarded
to arbitrators for settlement. In the case
that both parties are still different, the
disagreed party may sue the competent court
in the Kingdom of Cambodia. |
|
| Article :
18 |
| |
To inspect, verify
and assess the damage upon an occurrence of
a claim, the insurance company may assign
its claim officer to do such work and directly
settle the claim or hire an independent Loss
adjuster to carry out such work on its behalf.
All relevant claim supporting documents developed
by such loss adjuster is served as the basis
for indemnification against damage based on
the real facts. |
|
| Article :
19 |
| |
Loss adjuster
is a legal entity independent of the insurance
company and has duties to inspect, verify
and assess the damage upon an occurrence of
the claim, and finally issue documents regarding
the damage assessment on which the insurance
company based to settle the claim. Loss adjuster
conducts its operation by inspection fees
paid by the insurance company according to
mutual agreement. |
